12 best exchanges to buy bitcoin in Nigeria
The value of Bitcoin has risen significantly over the years, this has made many people interested in investing in Bitcoin.
If you want to get in on the bitcoin train, you will probably need to know how you can buy bitcoin in Nigeria.
All cryptocurrency are usually bought or sold on exchanges.
A bitcoin exchange is a digital marketplace where traders can buy and sell bitcoins using different fiat currency or altcoins, a real exchange is really just a medium between traders.
An exchange can be direct or peer to peer. A direct exchange is one in which you buy cryptocurrency direct from the exchange.
In the case of peer to peer, the exchange acts as a platform to connect you to people who want to trade bitcoin.
There are lots of exchanges where one can buy bitcoin in Nigeria, so picking a single one might seem like I daunting task.
So I have written this blog post to help you pick an exchange to buy bitcoin.
I have carefully researched 12 exchanges where you can buy bitcoin in Nigeria that i believe to be trusted and reliable.
Some of these exchanges i have used myself and the others i have heard great reviews about. Lets get into it then.
Table of contents
Firstly, Remitano is a foreign exchange owned by a company called babylon solutions ltd that is based in seychelles. It operates in about 32 countries.
It provides escrowed peer to peer bitcoin marketplace where people buy and sell bitcoins with ease, the sellers list the prices at which they are willing to sell their crypto assets.
Buyers can scroll through different list of sellers and their respective prices.
Remitano places the seller’s coins in an escrow wallet, the buyer then transfers the agreed exchange amount in fiat currency to the seller’s account.
Remitano takes a 1% transaction fee before remitting the locked coins to the buyer.
Remitano has in place some security features on it’s platform:
1. A 2 factor authentication process for initiating transactions
2. The escrow system
3. Login protection using an email verification system
4. A full KYC process where sellers are identified by their government ID documents.
5. Trade timeouts after a period of inactivity which requires the parties to begin the process again and identify themselves.
6. A feedback scoring system.
7. The seller reputation metrics system which provides a lot of information that buyers can use in knowing wether a seller is authentic or not.
Remitano payment methods:
Remitano accepts deposits using various methods like bank wires and debit cards.
You can read my full remitano review
Luno was formerly known as (BitX), it is a london based company that is available in over 40 countries.
Luno primarily deals with bitcoin and ethereum, Luno offers an easy way for you to buy bitcoin in Nigeria with your bank account.
There are two methods of buying and selling bitcoin on luno:
1. Instant buy/sell:
In this case, once you have made deposit to luno in your local currency, you click on “buy” and enter the amount of bitcoin you want to buy. You will be funded instantly, it works the same way when you are selling.
2. Trade on exchange:
In this method, you will click “exchange”. Here you will choose the amount you want to sell your bitcoin for when the price rises or falls, there is an opportunity to make money with this method by buying low and selling high.
Luno transaction fees usually varies depending on network activity, location and the currency you are using, sending bitcoin from the platform incurs a dynamic fee that adjusts, based on the bitcoin network traffic.
There is a fee of 0.0002 BTC for receiving bitcoin via a bitcoin address.
Luno payment methods
Luno accepts deposits using various methods like bank transfer, debit cards, SEPA transfer, paystack, gtbank transfer and cash deposit.
Before you can buy bitcoin, you need to deposit money into your Luno wallet, you can buy bitcoin for as low as 200 naira.
You can read my full luno review
Blockvila (formerly Ngexchanger) is a Nigerian based company where you can buy bitcoin.
To buy bitcoin on blockvila, you need to sign up. Once this is done, you can start funding and withdrawing immediately.
However, if your account is unverified, you will have a funding limit of $500 per day, but if your account is verified, you have no limitations on withdrawals.
To get your account verified, you will need to upload your ID showing your full name and your utility bill showing your address.
It usually takes 24 – 48 hrs to verify. Blockvila also provides bitcoin wallet services.
Blockvila has been in operation for over 3 years, they accept the following payment methods:
1. Cash deposit
2. Internet transfer
3. ATM transfer
Blockvila is trusted and reliable, if you prefer a Nigerian based exchange, you should have no fears using blockvila, their support can be reached at support@ ngexchanger.com.
Read my review on Blockvila
Paxful is company based in USA and was established in 2015, Paxful is a peer to peer bitcoin marketplace connecting buyers with sellers.
Paxful uses an escrow service, Paxful is particularly useful because it has numerous range of payment options:
1. Cash deposits
3. Gift cards
4. Money grams
5. National bank
7. Western union.
Paxful has some security measures to protect buyers and sellers like
1. Safety of funds by automatically creating a wallet
2. 2 factor authentication system
3. Escrow service
4. Reputation rankings
Local bitcoins is a company based in finland, localbitcoins is available in almost all countries, it is the only exchange available in some particular countries.
The difference between localbitcoins and most peer to peer bitcoin marketplaces is that local bitcoin does not require id verification when making trades.
Localbitcoins was one of the first peer to peer bitcoin exchanges and the largest one today.
Localbitcoins charges a flat 1% on all transactions, it also offers escrow service.
Localbitcoins payment methods
Some of the payment methods accepted by localbitcoins are:
1. Cash (For face to face transactions)
2. Wire transfer
3. Bank transfer
4. Web money
5. Western union
Localbitcoins basically connects bitcoin buyers and sellers in close proximity.
NOTE: When trading on localbitcoins, you should always use the escrow service.
Read my localbitcoins review
BitKoin africa is a peer to peer cryptocurrency trading platform where users can sell & buy bitcoin from other users, it is based in Lagos. Users buy or sell bitcoin by creating or responding to trade postings.
Trade postings are advertisements created by users to let other users know they are willing to buy or sell bitcoin.
When a user creates a trade posting, they stipulate how much they are willing to buy or sell.
The trade posting then appears on BitKoin africa’s website.
BitKoin africa uses an escrow service. During a trade, buyers’ wallets get credited immediately after a transaction is completed, the same also goes for the seller’s bank account. BitKoin africa also provides wallets.
UPDATE: Bitcoin Africa is now buycoins africa
Nairaex is company based in Abeokuta, Ogun state, Nigeria.
Once you have signed up, you are required to provide your Government issued Ids like drivers license, voters ID e.t.c. You are to send them to hello@ nairaex.com.
Nairaex’s website is fairly easy to use, they customer care is very active.
Nairaex also has a referral program, they give 1 naira for every 1 USD worth of transactions for all your referred members.
Nairaex payment methods
They accept two payment methods:
1. Bank account
2. Perfect money
NOTE: Nairaex has a minimum transaction amount of 30,000 naira.
Read my full nairaex review
Coincola is an over the counter cryptocurrency exchange that is based in Hong Kong.
On coincola, you can buy bitcoin with your local currency or some other payment method like PayPal, Amazon gift card, iTunes gift card, steam wallet gift card.
You can also exchange another cryptocurrency for bitcoin.
Coincola let’s you buy bitcoin from people that are in close proximity with you.
If you want to buy bitcoin, you can either look for a sell offer or create your own buy offer for free on the coincola platform.
If you have gift cards, you can use it to buy bitcoin. This is as long as you can find someone willing to accept it.
Coincola also offers a secure wallet for your bitcoin.
Coincola payment methods
1. The 8 supported cryptocurrencies
2. The supported gift cards
3. The local currency of the over 140 supported countries.
You can read my full coincola review
Headed by CEO changpeng Zhao, binance offers both crypto to crypto and Fiat to crypto exchange.
Before you can buy bitcoin on Binance, you will need to register an account and validate it.
Binance also has a secure wallet for you to store your bitcoin safely on the platform.
Binance is trusted by thousands of crypto users worldwide, so you should have no problem buying bitcoin on the platform.
Although registered in Malta, quidax is a Nigerian exchange that was launched in August 2018.
Quidax let’s you buy bitcoin with your debit card. All card transactions are processed by flutterwave.
To buy bitcoin on quidax, you either use the “instant buy” option or you trade other cryptocurrency for bitcoin.
Quidax payment methods
1. Bank deposit
2. Card deposit
Read my full quidax review
Naira4dollar is a company of sunej global ventures limited, it is an e-currency exchange company that has been in operation since as far back as 2006.
Registered with the corporate affairs commission, naira4dollar has offices in both ibadan and Lagos where you can buy bitcoin directly.
Before you buy bitcoin on naira4dollar, you will have to register an account and validate it.
Naira4dollar have been in the e-currency business for long, so you should have no problem buying bitcoin on the platform.
Naira4dollar payment methods
1. Cash deposit
2. Online bank transfer
3. ATM transfer
Read my full naira4dollar review
Instantgold Nigeria is a Nigerian e-currency exchange that was established in the year 2007.
They have offices in both Lagos and port Harcourt.
Before you can buy bitcoin on instantgold, you will have to register an account and verify it.
Unverified accounts have a daily spending limit of $1000, but verified accounts have no limits.
To verify your account, you will need to scan your utility and photo ID to firstname.lastname@example.org.
Instantgold payment methods
1. Cash deposit
2. Internet/Mobile/ATM transfer
Read my full instantgold review
Some of these exchanges have what works for them and against them, some have very good customer support, some are fast in fufilling orders.
At the end of the day, the exchange you will use will depend on your own research.
There are other very good exchanges where you can buy bitcoin in Nigeria, but the ones listed above have been well researched and i have personally used some of them, i will be updating this list as time goes on.
Finally, if you like this, please share on social media so others can see. Thanks for reading.
Have you used any of these exchanges before? Please leave your review below.
If you have any questions, leave them below and I will tend to them as soon as possible
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